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| The Monthly Pulse |
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| Operating Margins Improve, Gap Between Performing and Struggling Hospitals Widens
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| The Story |
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| While the gap between hospitals performing well and those struggling has widened, recent data suggests that there’s hope on the horizon. A June analysis from Kaufman Hall shows that the median year-to-date operating margin index increased to 1.4%, compared to 0.7% in May. Actual and budget data from more than 1,300 hospitals was analyzed. |
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| What You Should Know |
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| Other findings from the report show that emergency department visits and average length of stay are on a downward shift, while operation revenue increased by 2%. Of course, the financial landscape remains difficult for healthcare organizations, especially amid evolving Medicaid changes, workforce shortages, and other challenges. Deloitte research indicates cost reduction remains a key focal point for the majority of CEOs, while others are working on strategy and transformation.
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| Unionization gaining traction among physicians
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| The Story |
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| According to recent polls, the majority of physicians are voting in favor of unionization. In Providence St. Vincent Medical Center in Portland, OR, physicians voted to join the Pacific Northwest Hospital Medicine Association, while residents and fellows at Mass General Brigham in Somerville, MA have also voted to unionize. Physicians who have already unionized are continuing to make their concerns heard.
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| What You Should Know |
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| Several factors are behind physicians’ decision to unionize. From working conditions to staffing challenges and pay concerns, there are many issues physicians say are affecting their ability to deliver safe, quality patient care. While healthcare organizations often prefer to work directly with their employees, the ability to negotiate work collaboratively with unions is likely to become increasingly important to their success.
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| American Medical Association opposes physician noncompetes |
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| The Story |
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| In June, the American Medical Association (AMA) voted to oppose noncompete agreements for physicians who are employed by hospital systems and staffing companies. The AMA cites the need to increase availability of specialist coverage in communities and improve patient outcomes as reasoning behind their decision. They further argue that several states have already banned noncompetes, including some that ban them specifically for physicians. |
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| What You Should Know |
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| Noncompete agreements remain a point of contention within healthcare. While the AMA has made their stance clear, other groups, such as the American Hospital Association, continue to support noncompetes. Healthcare organizations will want to watch closely for any evolving legislation which could affect noncompete clauses in physician contracts moving forward.
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| Leadership Reflections |
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Servant Leadership - Taylor Swift Style
I had the privilege of taking my daughter to a Taylor Swift Eras Tour concert and didn’t expect to come away with a leadership reflection. But I couldn’t help but consider the many ways in which Taylor does a beautiful job modeling servant leadership, which is all about empowering others on your team so they can perform to their highest potential.
Work Ethic
Taylor has a prolific collection of work for her age, including songwriting, performing, music videos, short film, acting, directing, and so forth. When many were slowing down during COVID in 2020-21, Taylor wrote and released two new albums as well as two re-recorded albums. Her Eras Tour includes 146 shows across five continents encompassing a set list of 44 songs divided into 10 acts that runs for more than three hours.
Vulnerability
Much of Taylor’s content comes from her own life experiences. Her willingness to be vulnerable endears her to her audience and allows them to connect personally and deeply with her music.
Care for Her Team
Taylor plays two unique songs during each Eras Tour show. They are done acoustically and by her alone. This allows her team to have a much needed break during the 3+ hour set. It also doesn’t require them to prepare two new songs for every show.
Challenging Herself Professionally
In her Los Angeles series of six performances in a week, Taylor played twelve unique songs that she likely has not performed publicly in years. That is self-induced pressure which I am quite certain I would not have the courage to endure. While not necessarily an element of servant leadership, it certainly can inspire others to take calculated risks and push beyond their comfort zones.
Generosity
Taylor has been giving generously to various charities and individual needs for many years. Most recently, she shared more than $55 million with her Eras Tour crew of truck drivers, dancers, riggers, sound technicians, catering staff, and more.
Whether or not you’re a Swiftie yourself, it’s clear that Taylor’s commitment to prioritizing the wants and needs of her fans and crews has paid off. I hope, like me, you can be inspired to follow Taylor’s lead and think about the ways we can model these servant leader traits in our own leadership roles.
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| Upcoming Events |
CT Assist will be sponsoring/exhibiting at the OR Manager Conference September 18-September 20. If you're attending please stop by our table in the exhibit hall, we'd love to see you! |
| OR Manager Conference |
| Mon., Sept. 18 - Wed., Sept. 20 |
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| HLTH 2023 |
| Sun., Oct. 8 - Wed., Oct. 11 |
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| MGMA Leaders Conference |
| Sun., Oct. 22 - Mon., Oct. 25 |
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| Becker's 11th Annual CEO + CFO Roundtable |
| Mon. Nov. 13 - Thurs. Nov. 16 |
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| NGPX 2023 - Next Generation Patient Experience |
| Tues., Nov. 28 - Wed., Nov. 29 |
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